51-Unit Apartment
New
For Sale
Contact for pricing
900 Rae Dr, Minneapolis, MN 55423
Three neighboring buildings provide studio, one-bedroom, and two-bedroom residences in a low-rise multifamily setting.
Property Size36,500 SF
Lot Size1.82 Acres
Days on Market3
Property Features for 900 Rae Dr
General Information
Standard status
Active
Size
36,500 SF
Total Parking Spaces
76
Lot size
1.82 Acres
Property subtype
Multifamily
Units
Unit Mix
7 x studio, 32 x 1BR, 12 x 2BR
Multifamily Units
51
Additional Details
Average Monthly Rent
$939
Amenities
Long Term Ownership/Management: The property is offered for sale for the first time in 20+ years and has been under the same management for 36+ years.
Convenient Richfield Location: Positioned next to downtown Richfield with nearby restaurants, shopping, employment, entertainment and everyday services.
Richfield Lake Park Access: The property backs up to Richfield Lake Park and its roughly three-quarter-mile walking trail.
Ample On-Site Parking: Approximately 76 surface parking spaces across the 1.82-acre site.
Value Add Opportunity: With approximately 14% loss to lease or upside in rents, a savvy investor can capitalize on the ability to raise rents with strategic upgrades to unit interiors, common areas and amenities.
Building Details
Building Size
36,500 SF
Buildings
3
Units
51
Listed By:
Mike Jacobs · License #License(s): MN: 40760249, CA: 01979550
(952) 852-9718
Source:
Marcusmillichap
Added: Sep 24
Last Checked: Sep 26 at 3:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Mike Jacobs
Investment Insights
Based on property information with market context.
This 51-unit apartment property comprises three buildings constructed in 1962 and 1963. The residences include seven studios, 32 one-bedroom units, and 12 two-bedroom units, averaging approximately 663 square feet. The combined site spans 1.82 acres and has approximately 76 surface parking spaces. Improvements include carpeting, appliances, and interior paint, along with replacement roofs on two of the three buildings.
The property is next to downtown Richfield and backs up to Richfield Lake Park. A roughly three-quarter-mile walking trail circles the lake, and nearby commercial amenities include restaurants, shopping, employment, entertainment, and everyday services. The location also connects to the broader Minneapolis–Saint Paul metro.
The property is next to downtown Richfield and backs up to Richfield Lake Park. A roughly three-quarter-mile walking trail circles the lake, and nearby commercial amenities include restaurants, shopping, employment, entertainment, and everyday services. The location also connects to the broader Minneapolis–Saint Paul metro.
Key Highlights
- 51 apartments across three buildings constructed in 1962 and 1963
- Unit mix: seven studios, 32 one‑bedroom units, and 12 two‑bedroom units
- Residences average approximately 663 square feet
Property Analytics
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Current Use
Lease Details
51
Residential units
Location Intelligence
Trade Area within ½ mile
770
Businesses Nearby
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Demographics for 55423, MN
37,137
Population
16,792
Households
2.2
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
7.1 sq mi
ZIP Area
5,231
Density / Sq Mi
$84,102
Median Household Income
$52,890
Median Earnings
$1,334
Median Rent
$320,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three neighboring buildings provide studio, one-bedroom, and two-bedroom residences in a low-rise multifamily setting.
Where is this apartment building located?
The property is located at 900 Rae Dr Minneapolis, MN.
What are key features of this property?
This property features: 51 apartments across three buildings constructed in 1962 and 1963; Unit mix: seven studios, 32 one‑bedroom units, and 12 two‑bedroom units; Residences average approximately 663 square feet
